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here's hari sreenivasan. >> sreenivasan: wall street tracked the ups and downs of the fiscal cliff drama in washington today. at one point, the dow jones industrial average was off more than 100 points. but stocks made up the ground after the president's talk of a deal by christmas. the dow ended with a gain of nearly 107 points to close at 12,985. the nasdaq rose 24 points to close well over 2,991. a moderate republican senator susan collins of maine voiced new concerns today about u.n. ambassador susan rice. it stemmed from rice's initial account, on a sunday talk show, of the attack on the u.s. consulate in benghazi, libya. at the time, she said it began as an anti-american protest, but she now says she was working off faulty intelligence. rice met with collins for 90 minutes today, but afterward the senator remained critical. >> i still have many questions that remain unanswered. i continue to be troubled by the fact that the u.n. ambassador decided to play what was essentially a political role at the height of the contentious presidential election campaign by agreeing to go on the s
here's hari sreenivasan. >> sreenivasan: wall street tracked the ups and downs of the fiscal cliff drama in washington today. at one point, the dow jones industrial average was off more than 100 points. but stocks made up the ground after the president's talk of a deal by christmas. the dow ended with a gain of nearly 107 points to close at 12,985. the nasdaq rose 24 points to close well over 2,991. a moderate republican senator susan collins of maine voiced new concerns today about u.n....
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now the fight over the fiscal cliff at home. potential economic disaster that has come down to who blinks first, really. leaders in both policemen parties today accuse the other of not taking the situation seriously as tax hikes, rather, speakerration of the bush tax cuts will take effect. so taxes will go up unless someone does something. today, geithner met with the power players on the hill. the president says any deal has to raise taxes on families earning more than $250,000 a year. republicans say that is something they "could" be willing to consider but if and only if the president meets them halfway. house speaker boehner says they are not any closer to a deal publicly. >> all eyes or on the white house. the country doesn't need a victory lap but leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they are willing to make. >>shepard: the democrats say any are open to spending cuts but no one has been specific. no one is specific. they say the republicans will
now the fight over the fiscal cliff at home. potential economic disaster that has come down to who blinks first, really. leaders in both policemen parties today accuse the other of not taking the situation seriously as tax hikes, rather, speakerration of the bush tax cuts will take effect. so taxes will go up unless someone does something. today, geithner met with the power players on the hill. the president says any deal has to raise taxes on families earning more than $250,000 a year....
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. >> it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those? >> yes. i think that, and i know that democrats accept that this has to be it, a balanced package, that includes revenues and cuts and spending cuts. >> months ago, the budget carney held up was voted down by the entire senate. 99-0. meaning no democratic support. earlier, dick durbin insisted spending cuts from entitlement reform will not be part of the talks while pelosi spell noncommittal whether the cuts will be in the deal. still, the administration is trying to breathe life to the talks, with vice president biden shopping at new costco in washington, picking up a big screen tv and apple pie and insi
. >> it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include...
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Dec 1, 2012
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as the clock ticks down to the new year, almost every single american is facing the prospect of the fiscal cliff. if we do that act by the end of the year, 28 million families and individuals will be forced to pay the alternative minimum tax. the average middle-class family will see their taxes go up by at least $2,000. economically, if we do not act our nation will fall into it and other painful recession pushing unemployment back up over 9% and putting seniors retirements at risk. the president said he once a so- called balanced approach to solve this crisis. what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. maybe i missed it, but i do not recall him asking for any of that during the presidential campaign. these ideas are so radical, they have already been rejected on a bipartisan basis from congress. the president has an obligation to steer us away from the fiscal cliff and to tackle our $16 trillion debt that is driven by runaway entitlement programs. we have seen an utter lack of leadership from pr
as the clock ticks down to the new year, almost every single american is facing the prospect of the fiscal cliff. if we do that act by the end of the year, 28 million families and individuals will be forced to pay the alternative minimum tax. the average middle-class family will see their taxes go up by at least $2,000. economically, if we do not act our nation will fall into it and other painful recession pushing unemployment back up over 9% and putting seniors retirements at risk. the...
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you they are president and a lot of people down in washington saying they don't want to go off the fiscal cliff. as far as grover norquist notices, i don't think republicans should be caving to a special interest of one, frankly. we do see some brave republicans coming out there and they should be supported because they are about finding a solution. >> i want to show this tomb the president playing golf with former president bill clinton. how much do you think fiscal cliff was coming up during their golf rounds? >> i'm sure they talked about it because president clinton is a political wonk. what bill clinton showed during his presidency is that there's a way to show common ground with republicans who hate you. they impeached bill clinton but made a deal. they made a deal that was nor the right of where most democrats are. this president has a unique opportunity to make a deal for more towards his left. remember dick cheney said to -- speaking of sequels. remember when dick cheney said you got the high approval ratings you can spend them on the iraq war. republicans what they want is the p
you they are president and a lot of people down in washington saying they don't want to go off the fiscal cliff. as far as grover norquist notices, i don't think republicans should be caving to a special interest of one, frankly. we do see some brave republicans coming out there and they should be supported because they are about finding a solution. >> i want to show this tomb the president playing golf with former president bill clinton. how much do you think fiscal cliff was coming up...
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. >>> falling over the fiscal cliff. the dramatic impact it would have on one life-saving organization. >>> also the new twist in the twinkie saga. how hostess could get a second life while executives run off with some big dough? >>> plus willie geist on office politics right here on "weekends with alex witt." ♪ aids is not going to take my baby. ♪ aids will not take our future. ♪ our weapons are testing... education, care and support. ♪ and aids... ♪ aids is going to lose. aids is going to lose. ♪ campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. [ male announcer ] it's that time of year again. medicare open enrollment. time to compare plans and costs. you don't have to make changes. but it never hurts to see if you can find better coverage, save money, or both. and check out the preventive benefits you get after the health care law. ♪ open enrollment ends december 7t
. >>> falling over the fiscal cliff. the dramatic impact it would have on one life-saving organization. >>> also the new twist in the twinkie saga. how hostess could get a second life while executives run off with some big dough? >>> plus willie geist on office politics right here on "weekends with alex witt." ♪ aids is not going to take my baby. ♪ aids will not take our future. ♪ our weapons are testing... education, care and support. ♪ and aids......
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if they can get through this fiscal cliff and everybody feels that there was a negotiation that was fair and pushed the situation forward, maybe that is the next thing they can do, really consider some tax reform. >> beth, thanks, as always. hope your book up here. >> this is for you. this is a stocking stuffer. >> thank you. >> beth? >> i know, i'll get one next time. >> thank you so much. we'll check back in with you later this hour. beth, that gives you plenty of time to run out and get me a gift, as well. >>> to egypt now. back to egypt. members of the muslim brotherhood and other islamists rallied behind mohamed morsi. nbc's jim maceda is in cairo with the latest on that. >> hi, craig. supporters really needed a massive turnout today at their rally to stem the momentum of the opposition, which has seen hundreds of thousands of real mix of secular, moderate, leftist, liberal, christian and other minority egyptians who have been filling up tahrir square over the past week and which tonight, by the way, continues its ten-city occupation of the square. today in the end belonged to morsi
if they can get through this fiscal cliff and everybody feels that there was a negotiation that was fair and pushed the situation forward, maybe that is the next thing they can do, really consider some tax reform. >> beth, thanks, as always. hope your book up here. >> this is for you. this is a stocking stuffer. >> thank you. >> beth? >> i know, i'll get one next time. >> thank you so much. we'll check back in with you later this hour. beth, that gives you...
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dow industrial average eked out 4 point gain over uncertainty about fiscal cliff thing. weakest spending report since may. a lot of storm out of that. according to the commerce department, spending dropped .2% last month. that's down a point or i sudden say 8% jump in september. analysts blame the super storm as i mentioned. its aftermath could cut economic growth for the rest of the year. syria is more isolated than ever tonight with the internet and phone lines down across the nation for the second straight day. government and opposition leaders blame each side. worst outage since the fight began about 19 mobs ago. the head of the united nations said today conflict new and appalling heights of blew tattle and violence. he could have said that a year ago, frankly. now, fears that islamic extremists could try to take advantage of the chaos. and al qaeda inspired militant group tells the associated press joined the effort to topple the regime and determined to form a new islamic state. conor powell live in our middle east newsroom early this saturday morning. connor, what
dow industrial average eked out 4 point gain over uncertainty about fiscal cliff thing. weakest spending report since may. a lot of storm out of that. according to the commerce department, spending dropped .2% last month. that's down a point or i sudden say 8% jump in september. analysts blame the super storm as i mentioned. its aftermath could cut economic growth for the rest of the year. syria is more isolated than ever tonight with the internet and phone lines down across the nation for the...
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well, investors are watching those fiscal cliff talks happening in washington. there was confidence. then there wasn't. we'll see what happens. on friday all eyes will be on that november jobs report. a couple of stocks you might want to keep your eye on today. dell, which got an upgrade from goldman sachs, and yahoo, which lost a $2.7 billion settlement in a mexican federal court late on friday. see what happens with those things impacting those prices. tdd#: 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and find opportunities mo
well, investors are watching those fiscal cliff talks happening in washington. there was confidence. then there wasn't. we'll see what happens. on friday all eyes will be on that november jobs report. a couple of stocks you might want to keep your eye on today. dell, which got an upgrade from goldman sachs, and yahoo, which lost a $2.7 billion settlement in a mexican federal court late on friday. see what happens with those things impacting those prices. tdd#: 1-800-345-2550 when i'm trading,...
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and the fallout from the fiscal cliff could put even more pressure on unemployed americans, or those just trying to keep up with house payments. except more ups and downs for your investments ahead, but not so much because of big numbers out this week, among them, an important reading on manufacturing tomorrow, and then, what is often the biggest market mover of any month, the jobs report. november's release before the bell on friday. the cliff will likely overshadow even that. and with tax increases looming on capital gains and dividends, investors may start selling before the end of the year to get the better deal if there is no deal. that means, december may not live up to its history of heading higher and leave many questions about what the new year will mean for your bottom line. harris, back to you. >> brenda, thank you very much. >> and a fox news weather alert. people in parts of northern california and the pacific northwest dealing with dangerous amounts of rain. las of storms batthering the same region for days now, causing flooding. well, look at this. and raising fears no
and the fallout from the fiscal cliff could put even more pressure on unemployed americans, or those just trying to keep up with house payments. except more ups and downs for your investments ahead, but not so much because of big numbers out this week, among them, an important reading on manufacturing tomorrow, and then, what is often the biggest market mover of any month, the jobs report. november's release before the bell on friday. the cliff will likely overshadow even that. and with tax...
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Dec 6, 2012
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jenna: we've been talking about the fiscal cliff and the clock is ticking down until the deadline for that amid all the efforts to hammer out a deal on capitol hill. while some warn of the damagers going over a cliff the man known as one of the greatest 20th century advocates for a free market economy may have had a different take. his name was milton freidman, and his greatest concern was really just government, and too much of it. here he is in a clip from the 2006 documentary "1%." >> in the end we'd end up worse off. it would do harm not good. people don't pay those high taxes, they find ways of getting around it. you're never going to be able to stop them from finding ways to get around it. jenna: talking a little bit about taxes there. my next guest has written extensively about milton freidman. we wanted to ask him, what would milton do, one of the greatest economists. nobel peace prize winning economist. we have the author of the inch dense pensable milton freidman. what would he think about all of this. >> great to be with you. i'm sure if milton freidman were here today, he'
jenna: we've been talking about the fiscal cliff and the clock is ticking down until the deadline for that amid all the efforts to hammer out a deal on capitol hill. while some warn of the damagers going over a cliff the man known as one of the greatest 20th century advocates for a free market economy may have had a different take. his name was milton freidman, and his greatest concern was really just government, and too much of it. here he is in a clip from the 2006 documentary "1%."...
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we don't want to go over the fiscal cliff. that's crazy for our country. let's get these as i said extend the tax cuts for those under $250,000. let's agree on a down payment. let's get not only the predictability on the tax code for 98% of americans but also get the automatic across the board cuts off the table for next year. then allow our committees to go to work to bring in the additional savings that we need. i think we can get that blueprint done in the next couple of weeks. >> do you believe that, sir? because have you talked to your republican colleagues in the senate? i mean, do they have a point at which they believe is their we can't pass we cannot cross this line? do you think you're able to meet at least in the senate? >> i think so. i really do believe that the majority of the members of the senate want to get this done, want to get it done now. they want to get predictability to the 98% of taxpayers on their tax rates come january 1st. they want to get these across the board sequestration cuts off the table. they want to make a down payment
we don't want to go over the fiscal cliff. that's crazy for our country. let's get these as i said extend the tax cuts for those under $250,000. let's agree on a down payment. let's get not only the predictability on the tax code for 98% of americans but also get the automatic across the board cuts off the table for next year. then allow our committees to go to work to bring in the additional savings that we need. i think we can get that blueprint done in the next couple of weeks. >> do...
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republican leaders calling on obama to sit down for a face-to-face negotiation on the fiscal cliff. this is just weeks ago before the deadline. right now, as you know, there is still no deal. those sites are still hundreds of billions of dollars apart. mike emanuel has more. reporter: hello, jenna. speaker john boehner says the republicans made a good-faith effort to avert a fiscal crisis. they say essentially this is now time for the president to be getting involved to respond to the republican offering. he claims that the republican offer was balanced, and because republicans cannot just sit there and negotiate with themselves. here's more from the top republican leaders a short time ago. >> i will be here and i will be available at any moment. so, the president and get serious about solving this problem. reporter: they asked the president sit down so we can stop wasteful spending in washington. on the democratic side, there is emphasis that congress should pass the middle-class tax cuts for people earning up to $250,000 per year. to give those people economic certainty. here is m
republican leaders calling on obama to sit down for a face-to-face negotiation on the fiscal cliff. this is just weeks ago before the deadline. right now, as you know, there is still no deal. those sites are still hundreds of billions of dollars apart. mike emanuel has more. reporter: hello, jenna. speaker john boehner says the republicans made a good-faith effort to avert a fiscal crisis. they say essentially this is now time for the president to be getting involved to respond to the...
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cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly making that case. it is now up to conservatives to do that. demint will be leading charge. jon: he is the hero of the tea party which did so much damage to liberals in the 2010 election. >> done so much damage to themselves. harry reid would all agree would not be in the senate if not for the tea party nominating sharron angle, not not a strong candidate. delaware, todd aiken in missouri. tea party done a lot of damage to republican party. you would probably have senate republican leader mitch mcconnell if not for the tea party. to monica's point, jim demint will create problems from somebody like joh
cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly...
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talking medicare and medicaid, at some point it will come down to either fiscal cliff or we're going to have to make a deal, are you willing to go over the fiscal cliff or not have changes to medicare and medicaid? >> every single poll i have seen says do not cut social security or medicare and do away with corporate loopholes and ask the wealthy to start paying their fair share of taxes and look at excessive military spending. and, by the way, let's not forget, we have already in the last three years cut approximately $1.5 trillion in programs. this is not a hard, this is not a fiscal debate. this is a political debate, ceos from wall street, big money interest are there to protect their interests. they could care less about working class people and some of us want to defend the middle class. >> if nothing is done by congress, by now and the end of december, everyone's taxes are going to go up. >> that's why we've got to do something and that's why the republicans have to do exactly what we did in the senate which is to say we have to protect the bottom 98% of the american people. n
talking medicare and medicaid, at some point it will come down to either fiscal cliff or we're going to have to make a deal, are you willing to go over the fiscal cliff or not have changes to medicare and medicaid? >> every single poll i have seen says do not cut social security or medicare and do away with corporate loopholes and ask the wealthy to start paying their fair share of taxes and look at excessive military spending. and, by the way, let's not forget, we have already in the...
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cliff? and you think that just the promise of spending cuts have to be included at this level and at this time? >> it is not productive for either side to lay out hard lines as for what size the spending cuts ought to be. there are a lot of options on how you can get there. but the second part of your question was? >> my question is do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there is a free-market we presented to the white house two weeks ago. the framework has been agreed to in terms of a down payment for the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year and tax reform next year. but this is way out of bounds. and not a recognition by the part of the white house on the serious spending problem we have. >> facing the prospect of going over the fiscal cliff or extending the lower tax rate and at the upper one, which would you choose? >> i will
cliff? and you think that just the promise of spending cuts have to be included at this level and at this time? >> it is not productive for either side to lay out hard lines as for what size the spending cuts ought to be. there are a lot of options on how you can get there. but the second part of your question was? >> my question is do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there is a free-market we presented to...
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and talk one-on-one to try to work out this fiscal cliff situation but both sides appear to be very far apart still. >> it should be no substitute for our passing a middle income tax cut now. >> there are ways to limit deductions, close loopholes and have the same people pay more, more of their money to the federal government without raising tax rates. >> they will lose completely by the end of the year their benefits. this is the real cliff. martha: all right. we're joined now by chris wallace, anchor of "fox news sunday". chris, good morning. good to see you. a lot of hubbub today about the fact that john boehner and the president are going to sit down one-on-one. there is a lot of optimism i heard from many circles this morning that this means something is going to happen, that something will get done. should we believe that? >> well i wouldn't be that optimistic. i have a memory at least as long as august of 2011 when the two them sat down together and were negotiating the debt debacle. that didn't go so well. martha: no, it did in the. >> it completely fell apart. it is good th
and talk one-on-one to try to work out this fiscal cliff situation but both sides appear to be very far apart still. >> it should be no substitute for our passing a middle income tax cut now. >> there are ways to limit deductions, close loopholes and have the same people pay more, more of their money to the federal government without raising tax rates. >> they will lose completely by the end of the year their benefits. this is the real cliff. martha: all right. we're joined...
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the going over the fiscal cliff is serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. paul? >> [inaudible]. >> well, we had a very nice conversation last night. it was direct. and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much are you open to the idea of discretionary spending cuts as part of a down payment to get to a longer range solution on entitlements? >> there are a lot of options on the table including that one. andrew. >> [inaudible]. >> the day after the election i came here and made it clear that republicans would put revenue on the table as a way to begin to move the process to get this resolved. >> [inaudible]. >> revenue is on the table but revenue was only on the table if there were serious spending cuts as part of this agreement. it has to be part of the agreement. we have a debt crisis! we're spending too much. while we're willing to put revenue on the table we have to recognize it's the spending that is out of control. >> roughly
the going over the fiscal cliff is serious business and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. paul? >> [inaudible]. >> well, we had a very nice conversation last night. it was direct. and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much are you open to the idea of discretionary spending cuts as part of a down payment to get to a longer range...
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martha: taking the fiscal cliff fight on the road now, president obama going to the public with his message today as the clock ticks down on what some lawmakers are calling a potential economic disaster. that is how we start a brand new hour on that sunny thought on a friday morning in "america's newsroom." good to have you here. i'm martha maccallum. bill: i'm bill hemmer. are you doing okay? martha: i'm doing great. bill: second hour here. president obama putting the heat on republicans supporting plan to allow taxes to rise on higher income earners. after days and weeks of meetings with no progress, republicans say he is not meeting them halfway. warning now we're in more danger of that fiscal cliff. melissa: i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. i'm here, seriously trying to resolve it and i would hope the white house would get serious as well. melissa: the president has made clear from the start that he understands that he will not get every item in this proposal or in his budget proposal that compromise requires tough choic
martha: taking the fiscal cliff fight on the road now, president obama going to the public with his message today as the clock ticks down on what some lawmakers are calling a potential economic disaster. that is how we start a brand new hour on that sunny thought on a friday morning in "america's newsroom." good to have you here. i'm martha maccallum. bill: i'm bill hemmer. are you doing okay? martha: i'm doing great. bill: second hour here. president obama putting the heat on...
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sanjay gupta, cnn, reporting. >>> well, the fiscal cliff is looming. and your wallets could take a big hit. it depends on what washington politicians do or don't do by january 1st. >> and the race for oscars is already on. we'll look at some of the top contenders for the coveted academy award. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. something this delicious could only come from nature. new nectresse. the 100% natural no-calorie sweetener made from the goodness of fruit. new nectresse. sweetness naturally. >>> stories trending on the internet right now, police are searching for a motive in a murder/suicide involving a kansas city chiefs football player. according to the kansas city star, police are identifying
sanjay gupta, cnn, reporting. >>> well, the fiscal cliff is looming. and your wallets could take a big hit. it depends on what washington politicians do or don't do by january 1st. >> and the race for oscars is already on. we'll look at some of the top contenders for the coveted academy award. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car...